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Nickey Gregory Co., LLC v. AgriCap, LLC
United States Court of Appeals for the Fourth Circuit
597 F.3d 591 (2010)
Robison Farms was a distributor of perishable produce. It purchased the produce it sold from suppliers Nickey Gregory Company and Poppell’s Produce (the suppliers) (plaintiffs). The suppliers sold Robison Farms the produce on short term credit under the terms of the statutory trust authorized by the Perishable Agricultural Commodities Act (PACA). Robison Farms experienced financial difficulties and obtained a line of credit from AgriCap (defendant) secured by Robison Farms’ accounts receivable. AgriCap collected on the receivables to pay off the line of credit. After establishing the line of credit, Robison Farms continued to have financial difficulties, eventually defaulted on its debts to the suppliers, and filed for bankruptcy. The suppliers sued AgriCap, alleging that the accounts receivable retained by AgriCap were PACA trust assets due to them as unpaid commodities sellers. The district court ruled in favor of the suppliers and AgriCap appealed.
Rule of Law
Holding and Reasoning (Niemeyer, J.)
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